I took money out of RRSP under the HBP in 2013. I have a repayment system already in place with my bank. I have been receiving yearly income statement about my RRSP repayment and have been claiming as part of RRSP deduction. I realized now that I haven't been filling out the HBP section esp. the box "Enter the amount you wish to designate as a Home Buyers' Plan repayment". I want to make sure that the 4 years worth of repayment is reflected in the Notice of Assessment.
If you failed to designate a repayment in prior years, the required repayment is added into your income as though you had withdrawn the funds in the year.
Each year it is as though you had made the repayment so it is not like you need to catch up. The balance will continue to decrease regardless if you made a payment or not.
There is no tax or financial benefit at this time to enter more then the designated required repayment.
In order to designate a repayment, you will need to have made RRSP contributions to cover the repayments.
If you failed to designate a repayment in prior years, the required repayment is added into your income as though you had withdrawn the funds in the year.
Each year it is as though you had made the repayment so it is not like you need to catch up. The balance will continue to decrease regardless if you made a payment or not.
There is no tax or financial benefit at this time to enter more then the designated required repayment.
In order to designate a repayment, you will need to have made RRSP contributions to cover the repayments.